development opportunity

[jamesmichael]

I have a house with some land (enough to develop 14 flats and the adjoining neigbour wants to sell his bungalow. Given the current property market conditions and state of the economycan anyone settle my nerves and give any advice on the likelyhood of selling 1-2/bed flats when mortgages are that much harder to obtain for 1st timers.
planning isnt the issue or building but its the re-sale and current state of the housing market that concerns me more. Thanks to all

[cassa333]

Depends where they are and how much you would sell them for?

Look around your local market and see what is selling. If your proposed developement is in keeping with what is going well then go for it.

Otherwise sit on the land for a while untill the market pickes up.

If you are able to tie up capital with the purchase of the other bungalow then I would get that as well.

[poltergeist]

do it

[dasherman]

A lot of developers are hanging fire with their new builds at the moment due to the housing market and economic crisis.

I know of one house builder who has planning for 50 new houses,but is only building the ones they can sell off plan. So far they have built three!

Personally I'd wait.

[buildersmate]

They are still sitting on their land banks, though - so things aren't that desperate.